Anyone buying real estate must consider how much work is needed on the property. But renovation decisions on an investment property can have a direct impact on the amount of rent you can charge, the property’s market value and, ultimately, your overall earnings on the investment.
One of the easiest ways to completely transform, modernize and refresh your investment property is by painting a common area or the exterior of the property by partnering with an experienced and professional local painting company in Toronto to give your property a professionally designed look.
Kitchen & Bathroom Upgrades
Kitchens and bathrooms are two of the first places potential tenants look to ensure there is no mould and that the fixtures and appliances are new and in working order. The last thing they want is to have to wait on a landlord or property management company if either of those rooms goes down.
An open, accessible kitchen with lots of natural light, a simple. Clean look and modern appliances can make tenants fall in love with your home. Kitchen upgrades don’t have to be a complete re-model, You can get completely new look by installing new cabinet doors, countertops or appliances. Kitchen upgrades are among the best home improvements projects for adding value to a home.
If it’s been a while since the windows were installed, you might want to preemptively replace them with energy efficient upgrades. Besides reducing energy bills, they provide good insulation against outside noise. And ensuring there aren’t any draft windows can help you find and keep the right tenants.
On a related note, swapping out old appliances with energy-efficient replacements can add to your monthly investment income.
First impressions are lasting impressions and a little work on the exterior goes a long way. The good news is that it doesn’t take much to boost a home’s curb appeal. You may want to swap out the front and garage doors and add window boxes, but simply power washing the exterior walls resealing the driveway can make the exterior look like new.
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